In a year when the group launched online sales in China and Canada, and broke new ground in parts of eastern Europe, its founder and majority shareholder Amancio Ortega overtook Warren Buffett and French luxury tycoon Bernard Arnault on the Forbes rich list, with an estimated net worth of $57bn.

The Spanish fashion group, which also counts Pull & Bear and Massimo Dutti among its brands, posted a 22pc pre-tax profit rise to €3.13bn in the year to January 31 as sales sales surged 15.6pc to €15.9bn.

By the end of January, it had more than 6,000 stores across 86 countries and said it expected to launch flagship brand Zara online in Russia over the autumn-winter season and open a further 440 to 480 stores worldwide in 2013.

It is already the world's biggest fashion retailer, making around 840 million garments a year.

However, analysts were disappointed by the results, which were weaker-than-expected, largely due to falling sales in Inditex's austerity-gripped home market, where unemployment is at a record high of 26pc. Shares in Inditex fell 3.6pc in early trading but have risen 53pc over the year.

The retail giant sets itself apart with its "fast fashion" offering, with pieces appearing on rails within weeks of conception, and being replaced by even newer designs just as swiftly.

Unlike its peers, it does not advertise, but enjoys plenty of publicity through its popularity with fashion icons such as the Duchess of Cambridge and sister Pippa Middleton.

Inditex, which has seen its shares triple in value in the past five years and outperform European peers by more than a third over the last 12 months, said on Wednesday it would propose raising its dividend by 22pc to €2.2 per share.